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Magic Keys can be bought at Rimuldar for 53 G. They unlock doors that can't normally be opened but disappear after one use. If you exit the place and come back, the doors will come back, but the treasure will also come back.

The Magic Key is located on the 3rd basement of the Pyramid. It is the 2nd key acquired in the game. The key is required in order to reach Portoga and progress in the game. In order to get the key, the hero's party must solve a button puzzle which involves pressing 4 buttons in the correct order. The solution is hinted by young boys in the castle of Isis. As of this game, Magic Key's have unlimited use.

It's revealed at the end that the Magic Keys in the first game were flimsy, and thus broke upon use.